On the same day Westpac pulled out of financial advice David Harrison, the CEO of Charter Hall Group, was telling Chanticleer about the enormous opportunities for his property funds management business thanks to compulsory superannuation.

Harrison is one of many CEOs in Australia to have enjoyed a wild ride on the back of employers being forced to pay 9.5 per cent of salaries into a super fund. The Charter Hall growth numbers are staggering.

When Harrison set up his property funds management company in modest offices in North Sydney in 1991 he had eight employees and $500 million in funds under management. Today Charter Hall manages $30 billion, up from $11.5 billion four years ago.

The 22 per cent annual compound growth in funds under management over the past eight years has been accompanied by a 13 per cent growth in net earnings per security. Harrison is brimming with confidence about the future.

He believes the rise in Australia's super assets from $2.8 trillion to $5 trillion by 2027 will be accompanied by increased investment in commercial and industrial property by institutions, self-managed super funds and retail investors.

Westpac's pull-back from advice follows its disposal of funds management company Pendal Group, formerly known as BT Investment Management. Westpac’s exposure to wealth management is now confined to general and life insurance, private wealth, administration platforms and super.

The bank's Panorama platform is one of the largest in Australia with about $16 billion in funds under administration.